$69M Bithumb tax fine has no legal standing, NTS ruling contested

Bithumb, a major South Korean crypto exchange firm, the $69million Bithumb tax fine imposed by the National Tax Service (NTS) in November 2019 nullified by the tax tribunal. A local newspaper, The Korean Times reported earlier this month that the crypto firm Bithumb, filed a complaint with NTS that the imposed the tax fine is groundless because cryptocurrency is not a legally recognized currency. The NTS has claimed that gains withdrawn from accounts held by foreigners are taxable income, and therefore, it has the right to impose such tax. However, Choi Hwoa-in, an adviser to Financial Supervisory Service, said that